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Come on...only need to get to 205p to get my money back :)
"nothing done for years" this was correct but just until yesterday my friend ;-)
The increase in SP makes little sense here. SEY has done nothing for years and years.
Former Tullow CEO won’t come cheap , indeed I wonder what the new cornerstone investors had to pay Waterford and Mistyvale .
$43 million cash now unlocked and primed in a bouyant market .
14p cash value no debts no liabilities.
CEO McDade and COO Cloke will undoubtedly be purchasing stock.
Multiple TR1 major shareholding announcements to come.
Production acquisitions to come - focus on very profitable west African production.
KISTos plc ran up to more than double their cash value on Admission . Currently their cash is £34m and mcap £61 but was much higher .
Sterling Energy GBP market cap is £31m at 14 pence with £31m ( $42.9m cash at 30 November )
I don't think they would have wanted to come on board of not to quickly put their skills to use and acquire some assets. Great news imho. At last we might soon see some action.
Atb,
Northern
Major Shareholding Changes & Board Appointments
Thu, 18th Feb 2021 17:34
RNS Number : 6479P
Sterling Energy PLC
18 February 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
18 February 2021
Sterling Energy plc
Changes in major shareholdings
Board appointments
Sterling Energy plc ('Sterling' or the 'Company') an upstream oil and gas company listed on the AIM market of the London Stock Exchange (Ticker Symbol: SEY) announces that the Company has been informed that that Waterford Finance & Investment Limited and Mistyvale Limited have agreed to sell their shareholdings in the Company (representing 29.23% and 15.66% of the issued share capital respectively).
The Company also confirm that it has provisionally agreed to appoint Paul McDade, the former CEO of Tullow Oil plc, and Ian Cloke, the former EVP at Tullow Oil plc, as executive directors of the Company. Paul and Ian have extensive experience and knowledge of identifying and developing oil and gas assets in West Africa and intend to refocus the Company's strategy on producing assets in this region.
Change in major shareholders
The Company has been advised that Waterford Finance & Investment Limited ("Waterford") has agreed to sell 64,315,517 ordinary shares in the Company (equating to its entire 29.23% shareholding in the Company) and that Mistyvale Limited ("Mistyvale") has agreed to sell 34,467,790 ordinary shares in the Company (equating to its entire 15.66% shareholding in the Company).
The Company and Waterford were parties to a Relationship Agreement dated 10 June 2016 which governed the appointment of Mr. Michael Kroupeev to the Board in May 2016. Following the sale of Waterford's ordinary shares in the Company as set out above, the Relationship Agreement has automatically terminated.
The Company understands that a number of institutional and high net worth investors have agreed to purchase the shares being sold by Waterford and Mistyvale. Following the sale, neither Waterford nor Mistyvale will hold any interest in any ordinary shares in the Company.
New directors
Paul McDade: A Petroleum engineer who has over 35 years' experience in the oil & gas industry gaining broad operational, commercial and management experience in the North Sea, Latin America and Africa. He joined Tullow Oil in 2001 and was a one of the Executive team who built Tullow Oil to be Africa's leading independent oil & gas company, initially as COO and latterly as CEO, before retiring from this role in
Merger perhaps?
have started moving up over the last few days - it has been mentioned on a twitter account that changes are afoot - but no mention as to what and the wait for an acquisition goes on.
Atb,
Northern
https://twitter.com/mgrahamwood/status/1361757142806593538?s=21
With cash at around 14/15p, i think on the right production acquisition, sterling could 4 or 5 bag
Agree plus the massive amount of unencumbered cash of $43 million means they can target a bigger deal
(to me though Somaliland is a carried play, an additional bonus) to the potential massive production deal thats coming
you miss the asset in addition to the 15 pence cash value: Odewayne Block !!! Billion barrell potential land holding (with currently free carried) ... Genel as operater (https://www.sterlingenergyuk.com/operations)
Buoyant market, New Lawyer CEO, tightly held, cash value 15 pence per share, $43 million in cash, no debt, Chairman holding 29% and Kazak billionaires holding 5%
Bid 12.80 Ask 12.90
Cash value 15 pence
Those who want shares now gonna have to pay for them
It would be nice to start the year with some positive news for the company but based on past experience I think it's a case of don't hold your breath.
Atb,
Northern
Positive price action but still needs to go to 16p to be worth cash value
something up?
Leo Koot was previous CEO at Columbus. Hawkins was his Head of M&A latterly promoted to CEO at Colombus. Leo Koot is board member of Sterling. Hawkins used to work at Sterling. Now back as CEO.
Deal going down?
Mr. Hawkins, aged 48, is an English and Australian qualified lawyer of twenty (20) years' experience, who has worked in both private practice and corporate roles. He is a senior energy lawyer, asset manager and commercial negotiator, predominately in oil and gas but also in power, LNG and renewables. Mr. Hawkins was until September 2020 the Chief Executive Officer at Columbus Energy Resources plc as well as owning a consultancy firm. Previously, he was Legal and M&A Director at Columbus Energy Resources plc which followed his role as General Counsel & Head of Commercial for Sterling Energy plc, a London listed oil & gas company. Prior to Sterling Energy, Tony spent six (6) years at Centrica plc (a FTSE 100 listed utility), where he had several roles, including interim General Counsel for Centrica Energy. Prior to that, he worked for ten (10) years in private practice in Australia and the UK, most recently with Dewey LeBoeuf in London.
Mr. Hawkins is a member of the Association of International Petroleum Negotiators and was previously a member of the legal committee of Oil & Gas UK where he was instrumental in helping to develop the standard DES LNG Master Sale Agreement for the European Federation of Energy Traders.
Why 15 ?
rifte - give me a bid at 15 and I´m gone
It says he came from Columbus energy .zero chance of cash back . What’s the matter Jose? Move on if you’re not happy
let us hope they better give cash back to shareholders.... new guy on board from comes from Lekoil ... have you seen this disaster for shareholders?
tedious. Come on Sterling I thought an acquisition was on the cards!
Atb,
Northern
So why are you still here Jose? Share price is up what, 35% this year? (no chance they'll invest in anything other than O&G)